How to redeem a lost Certificate of Deposit or Bank CD

Bank of America - How to redeem a lost Certificate of Deposit (CD)

A certificate of deposit or CD for short is a short or medium term FDIC insured debt instrument offered by banks and credit unions. They offer a higher rate of interest then standard savings accounts or money markets because the money can not be redeemed for a set period of time without an early redemption penalty.


When you go into the bank to redeem your certificate they may demand the actual CD as proof of payment and security. What if you have misplaced or lost the original document? A few simple steps can help you get your money out of the bank.

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Step 1

If you have lost the original certificate of deposit, the bank may require a bond of indemnity prior to paying out any money. This is a guarantee which protects the bank from a false claim.


Step 2

If you have a relationship with the bank they may accept a photo ID, such as a drivers license or passport, instead of a bond of indemnity.


Step 3

If you have lost the original CD and are unsure which institution held it or if that institution has gone out of business, then you will need to contact the FDIC. If the bank is no longer in business, they will have seized the assets and will be able to help you recover your money.



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